OVERVIEW We reviewed the ratings on 16 bonds issued from the New Jersey Higher Education Student Assistance Authority's 1998 indenture. This master trust is backed by a pool of private student loan collateral. We affirmed our 'AA- (sf)' ratings on all of the bonds that reflects the guarantee by National Public Finance Guarantee Corp., as well as the continued stable performance of the underlying student loans and sufficient credit enhancement at the current ratings. NEW YORK (Standard&Poor's) Dec. 21, 2015--Standard&Poor's Ratings Services today affirmed its ratings on 16 student loan revenue bonds issued from New Jersey Higher Education Student Assistance Authority's (NJHESAA) 1998 indenture (see list). The affirmed ratings reflect the financial guarantee insurance policy that
